BusinessMultiple Bank Account is Useful or Not? Experts say it is a...

Multiple Bank Account is Useful or Not? Experts say it is a loss

Multiple Bank Accounts: Usually those in the business sector have more than one bank account for financial transactions. But some people maintain more than one bank account even for personal needs. However, experts say this is a loss.

Multiple Bank Accounts: Do you have more than one bank account? However, there are many risks involved. In addition to financial loss, problems can arise in the management of accounts. According to tax advisers and investment experts, having a single account is the best choice. Let us now learn about the problems encountered with more than one account.

There is a service charge, SMS charge, minimum balance charge and debit card charge for each bank account. If you are using more than one bank account it will take more burden in the form of these. All these charges have to be paid for each account. So it puts a burden on you financially.

Tax experts say it is easier to file IT returns if you have a single bank account. All your financial transaction information is available there if you have a single account. But if you have different accounts … you have to look at all the financial transactions in them and calculate the tax. So this is a somewhat complicated process.

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Chance of account closing

If there is no transaction in the savings account or current account for one year, it becomes an inactive bank account. If the transaction does not take place within two years it will be converted into a Dormant account or Inoperative.

Private banks charge huge sums of money to customers in the form of minimum balance charges. For example, the minimum balance in HDFC is Rs. 10000 which has to be maintained in the account. In rural areas, however, it is around Rs 5,000. If you do not maintain this balance .. you will be fined Rs.750 per quarter.

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If you have more than one bank account, thousands of rupees will be required to maintain the minimum balance. Instead, you invest the money in other things and you get interest. So that’s a loss. Having more accounts can often lead to confusion over net banking user IDs and passwords.

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